Mdu Resources Group Inc. (MDU) intrinsic value & 10-year financials
Mdu Resources Group Inc. (MDU) has a Graham intrinsic value of $19.66 per share. At $19.00 on Oct 17, 2026, the stock trades 3% below that value. Over the last 10 fiscal years revenue shrank 8.5% a year to $1.9B, with an average return on invested capital of 7.0%.
- Graham intrinsic value
- $19.66
- Share price (Oct 17, 2026)
- $19.00
- Price vs Graham value
- 3% below
- Market cap
- $3.9B
- Revenue (FY2025)
- $1.9B
- Revenue growth (10-yr CAGR)
- -8.5%
- ROIC (10-yr avg)
- 7.0%
- Free cash flow (FY2025)
- -$297.0M
MDU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.9B | $190.4M | $0.93 | -$297.0M | 15.6% | 5.1% |
| FY2024 | $1.8B | $281.1M | $1.37 | -$20.5M | 15.2% | 5.0% |
| FY2023 | $4.6B | $414.7M | $2.03 | -$187.1M | 9.2% | 6.4% |
| FY2022 | $4.4B | $367.5M | $1.81 | -$146.5M | 13.0% | 7.2% |
| FY2021 | $3.4B | $378.1M | $1.87 | -$163.6M | 15.7% | 7.5% |
| FY2020 | $5.5B | $390.2M | $1.95 | $210.4M | 9.8% | 8.6% |
| FY2019 | $5.3B | $335.5M | $1.69 | -$33.8M | 9.0% | 8.3% |
| FY2018 | $4.5B | $272.3M | $1.39 | -$68.3M | 8.9% | 7.8% |
| FY2017 | $4.4B | $281.2M | $1.43 | $106.6M | 9.6% | 8.5% |
| FY2016 | $4.1B | -$67.3M | $0.33 | $74.0M | 9.9% | 5.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MDU RESOURCES GROUP INC is facing top-line stagnation, with revenue contracting over the decade.
MDU RESOURCES GROUP INC has historically struggled to out-earn its cost of capital, averaging just 7.0% ROIC.
Over the decade, MDU RESOURCES GROUP INC shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MDU RESOURCES GROUP INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.66 per share.